Insights

The Value of Knowledge

Insights and Intelligence

We believe Price/Intrinsic Value is the optimal approach to navigate the ebbs and flows of our ever changing, fast-paced and complex markets. 75% of our research is produced internally by a group of professionals skilled and experienced at integrating a world of advanced data into our propriety process.

We make it a priority to keep all clients fully informed: why and how we make decisions, what’s in our portfolios, how it strengthens our position and how it supports fulfilling their objectives.

Chart of Interest

Commentary
and News

2nd Quarter 2019

US Market Commentary

The US market has acted very well this year, despite economic worries spurred by the new tariff concerns and a global manufacturing slowdown. Markets weakened in May after the breakdown of trade negotiations, only to recover in June as anticipation of a resumption of talks was priced in.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Market Commentary

Years ago, I lived in a part of the country that was a hotbed of fans for NASCAR, the stock car racing association. After one brutal afternoon when a lot of drivers “traded paint” (slang for sideswiping each other), more than one car wound up spinning into the infield after getting hit. After the race, a sportscaster asked the winner about the contact on the track. His answer... “Well, that’s racin!”

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review

International Intrinsic Value Opportunity
Strategy Review

1st Quarter 2019

US Market Commentary

First quarter market performance shows the power that a simple phrase like "Never Mind" can have, especially when it is the Fed Chairman invoking that sentiment. The S&P rose almost 14% in the first quarter posting a rebound of Biblical proportions from a fourth quarter that ended in tears.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Market Commentary

Two deals, a China/US Trade deal and a Brexit Deal, captured investor attention during the first quarter. Bond Vigilantes worry about the possibility of deals not being reached and growth deteriorating. The "Bond Vigilantes" have been hard at work driving rates down (and stopping Central Bank tightening) in anticipation of a deflationary bust.

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review

4th Quarter 2018

US Market Commentary

The US stock market anticipated a recession in the second half of last year. The 20% decline from the S&P 500 peak in September to the trough in December is confirmation of that. The US bond market probably geared up for one as well, as the decline in bond yields seems to indicate. The odd thing about this is that the Federal Reserve and most economists do not expect one.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Market Commentary

International markets suffered significant declines in 2018 as investors suffered from the worst kind of anticipation, namely worrying about a potential recession. Most Central Banks and Economists are not predicting a recession, but investors have long memories and appear to be inclined to anticipate the worst after the Great Recession experience. As we look at it, this episode feels like an Echo of 2016, another period that was trying for markets.

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review

3rd Quarter 2018

US Market Commentary

Since the imposition of tariffs on a raft of Chinese imports, markets have declined almost 7% peak to trough in a little less than two weeks. We believe investor tensions are likely to ease up as we move through the US mid-term elections and a re-examination of some of the fundamental positives occurs.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Market Commentary

The annual performance differential is at record levels according to JP Morgan, and they believe a snapback is likely. This performance lag is a distinct turnaround from last year's international outperformance and has many investors asking whether 2017 was the beginning of a longer term change in trend favoring international over US investing, or a head fake. We think the international underperformance is likely a temporary phenomenon, and would expect those markets to resume outperforming over the next couple of quarters.

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review

Chart of Interest

Commentary
and News

2nd Quarter 2019

US Market
Commentary

The US market has acted very well this year, despite economic worries spurred by the new tariff concerns and a global manufacturing slowdown. Markets weakened in May after the breakdown of trade negotiations, only to recover in June as anticipation of a resumption of talks was priced in.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Market
Commentary

Years ago, I lived in a part of the country that was a hotbed of fans for NASCAR, the stock car racing association. After one brutal afternoon when a lot of drivers “traded paint” (slang for sideswiping each other), more than one car wound up spinning into the infield after getting hit. After the race, a sportscaster asked the winner about the contact on the track. His answer... “Well, that’s racin!”

Internation Intrinsic Value Opportunity
Strategy Review

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review

1st Quarter 2019

U.S. Review

First quarter market performance shows the power that a simple phrase like "Never Mind" can have, especially when it is the Fed Chairman invoking that sentiment. The S&P rose almost 14% in the first quarter posting a rebound of Biblical proportions from a fourth quarter that ended in tears.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Review

Two deals, a China/US Trade deal and a Brexit Deal, captured investor attention during the first quarter. Bond Vigilantes worry about the possibility of deals not being reached and growth deteriorating. The "Bond Vigilantes" have been hard at work driving rates down (and stopping Central Bank tightening) in anticipation of a deflationary bust.

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review

4th Quarter 2018

U.S. Review

The US stock market anticipated a recession in the second half of last year. The 20% decline from the S&P 500 peak in September to the trough in December is confirmation of that. The US bond market probably geared up for one as well, as the decline in bond yields seems to indicate. The odd thing about this is that the Federal Reserve and most economists do not expect one.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Review

International markets suffered significant declines in 2018 as investors suffered from the worst kind of anticipation, namely worrying about a potential recession. Most Central Banks and Economists are not predicting a recession, but investors have long memories and appear to be inclined to anticipate the worst after the Great Recession experience. As we look at it, this episode feels like an Echo of 2016, another period that was trying for markets.

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review

3rd Quarter 2018

U.S. Review

Since the imposition of tariffs on a raft of Chinese imports, markets have declined almost 7% peak to trough in a little less than two weeks. We believe investor tensions are likely to ease up as we move through the US mid-term elections and a re-examination of some of the fundamental positives occurs.

Large Cap Intrinsic Value
Strategy Review

Intrinsic Value Opportunity
Strategy Review

International Review

The annual performance differential is at record levels according to JP Morgan, and they believe a snapback is likely. This performance lag is a distinct turnaround from last year's international outperformance and has many investors asking whether 2017 was the beginning of a longer term change in trend favoring international over US investing, or a head fake. We think the international underperformance is likely a temporary phenomenon, and would expect those markets to resume outperforming over the next couple of quarters.

International Intrinsic Value
Strategy Review

Global Intrinsic Value Equity Income
Strategy Review